Project detail - XACBANK LLC


Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Since 2007 XacBank in Mongolia is a client and partner of FMO. XacBank is one of the four large banks of the country, with strong presence in the Mongolian SME market.

What is our funding objective?

FMO participates since 2010 in the Asian Development Bank (ADB) Trade Finance Program. FMO provides a trade finance facility to XacBank in cooperation with ADB. Purpose of the facility is to support and promote the increasing trade finance activities.

Why do we fund this investment?

Mongolia’s economic upturn offers more opportunities for trade finance. XacBank is an existing FMO customer with good payment track record. This transaction will be primarily in support of Sustainable Development Goals 8 (decent work and economic growth) and 9 (industry, innovation and infrastructure).

What is the Environmental and Social categorization rationale?

Xac has been classified as FI-B E&S risk category. It has a current existing and well-functioning Environmental and Social Risk Management System in place based on local Mongolian legislation. Xac has a dedicated and committed E&S staff in place who continuously work on managing, monitoring and improving the ESMS.

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